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Asked 03/31/2007 07:28 pm CT (The Woodlands, TX)

I am looking at changing jobs and taking a 1 year pay cut for personal reasons. My credit is weak and i have approx. $50K in credit card debt. I owe 205K on a house valued at 350K+. Would like to refianace at 80% and use the money to pay off most of my debt and use the remaining to supplement my income for 12 months. Will a bank refinance and allow me the gain versus having to sell the home to get to the equity? Other options to get to the equity?

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Scott, Your Loan amount will be $280,000. You will get $280,000 minus payoff,closing cost and $50,0...

[ Total Answers: 2 ]

 
 

Asked 03/29/2007 01:56 pm CT (New York, NY)

Need to finance a house 3family in New york 1st Time home buyer fico 651 purchase 799kincludes sellers of 3% please help

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give me a call or visit my website....

[ Total Answers: 1 ]

 
 

Asked 03/29/2007 09:19 am CT (Chicago, IL)

My wife and I decided to divorce last year. I bought a house based on the fact that she said she would not live with me when we moved. She did not communicate any other wishes. I bought the house for me and our three kids in June,06. She returns from a month with Alanon in July and moves in with me. I said I wanted to refinance the loan to get a better rate. She refuses to sign the Homestead waiver Act form, subsequently I can't refi w/o her signature. Is this true and is there a way I can refi w/o her signature? Technically we are still married but currently in divorce proceedings.

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Not only are you not able to refi, but she may have a claim to the equity in the new home. I highly...

[ Total Answers: 1 ]

 
 

Asked 03/28/2007 03:05 pm CT (Bern, KS)

Our house was sold after forclouser how do we go about finding someone to refinance us. I have a company helping us but it is taking them to long to find help for us. We r in default right now & our 90 days are up the 21 of April

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The more important question is, can it be refinanced? Once you go into foreclosure, lenders will ty...

[ Total Answers: 1 ]

 
 

Asked 03/27/2007 09:16 pm CT (Arlington, TX)

Bought a 2nd house to live & plans to rent 1st house for investment.The bank gave us 'no money down loan because we said we'd live there(2nd)> My 9yr. son now is crying everyday not wanting to move outto 2nd house. Q.Is it possible for me to rent out the 2nd house instead? Is the bank monitoring us if we really live in the 2nd house or not? The reason why we get a n o morey down is because we'd live in this 2nd house otherwise they wanted us to put 20% down, Pls answer. Thanks

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If you move back into the first home & rent out the 2nd home, you'll be technically in default of yo...

[ Total Answers: 1 ]

 
 

Asked 03/27/2007 05:31 pm CT (mooresville, NC)

My husband and i divorced in 1999 but we owned a house together which he forgot to diclaim at the divorce proceedings.I dont want the house but want it off my credit rating how do i do this

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Thanks for your question. He would need to refinance the property without you on the loan and transf...

[ Total Answers: 1 ]

 
 

Asked 03/27/2007 05:35 am CT (hillsboro, MO)

I have a 550 middle score and 2 scores around 500 low I have child support in arrears but it is being ammended its 27000 dollars how do i I am trying to get a loan for a house I have child support in arrears of 27000 it is now being ammended due to chane of jobs how can I get a loan with no money down I also have 2 pevious loans paid off i i

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You'll likely need to build your credit payment history for some time before you can receive attract...

[ Total Answers: 1 ]

 
 

Asked 03/26/2007 09:28 am CT (Hedgesville, WV)

3 years ago I divorced. In the process, my ex got the house. He could not afford to refinance in just his name. So, the situation is my name is on the mortgage and on the deed. If I quitclaim the deed can my name be removed from the mortgage without refinancing? Someone suggested this, but I have my doubts. I want to be able to buy my own home sometime but I'm afraid his mortgage payment will be held against my debt to income ratio.

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Don't JUST give a Quit Claim Deed (giving up your property rights) without getting released from the...

[ Total Answers: 1 ]

 
 

Asked 03/26/2007 08:16 am CT (Kirkwood, MO)

I am trying to buy a house with my fiance', but she doesn't have much income right now in college. Her credit score is high 700s and mine is 640ish. I make in the high 40s per year. We want to buy a house in the 190,000 range so we are using her grandparents as cosigners. It will be just me and them on the loan, not her. They make great money and have credit scores in the 800s. My current loan guy is a relative and i think he might be screwing us. He seems to think that a 3% FHA loan is my only option. He says we can't do an ARM, interest only, 80/20 or anything else. i want to spend as little as possible out of pocket. The ONLY way we've been able to put a contract in is by having the seller's front our closing costs and the 3% down. No one has really been keen on the idea of the 3%, but they all agreed to the closing costs. We don't want to drain our savings to get this house and then be strapped when an emergency comes up. Do you know of any other options. I'm also in the Army if that helps.

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Bryan, you are wise to consider being House Rich and Cash Poor. It sounds like other programs (like...

[ Total Answers: 1 ]

 
 

Asked 03/25/2007 03:48 pm CT (Rosepine, LA)

In 1999, my husband and I purchased a home. When the 9-11 attacks happened we refinanced our home from a thirty year to a fifteen year mortgage to get a lower and fixed interest rate. Due to my low credit rating, my spouse said the lawyer suggested he have me sign a document that would take me off the mortgage so only my spouse's credit rating would be a factor. I am now, after fifteeen years of marriage, and five children, going through an ugly divorce and my spouse is trying to use this document to dispute the community property law in the state of Louisiana, so that he may gain the house which I was awarded due to minor children still in the home. We currently owe 50,000 and it is valued at about 85,000. To keep from having to split the value of the equity in our home with me, he is now using this document to stop me from benefiting in any way. I need to know the name of the type of document they had me sign, and what if any rights I have according to LA laws. Thank you.

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It's called a Quit Claim Deed.

[ Total Answers: 2 ]

 
 

Asked 03/25/2007 05:03 am CT (Atlanta, GA)

*Working with lender since 1/25/07 on a refi. Was told that loan looks good and shouldnt be a problem. *3/5/07 Day prior to foreclosure sale on 3/6/07. Lender tells me taht the bank will not be able to provide any closing date or contract yet that my loan is still processing. But should be ready to in 2 -3 days. *Lender then advised I must file Chapter 13 and I can do it myself. *Chapter 13 filed on 3/6/07 which was completed the morning of the sale at 10:40 am. Prior notification was provided to the Foreclosure attorney of my lender by my closing attorney. Lender was also aware that we had been working on lending solution to pay off loan. *Foreclosure sale was completed at 10:20 am 20 minutes prior to the Chapter 13 being recorded. *Now have bankcruptcy attorney who has talked to Fannie Mae attorney since they purchsed home at sale and nothing has been recorded regarding the foreclosure. They have agreed that if we can provide pay off they will not record the foreclosure and we can keep the house. *Am talking with private investors which seems like the worst possible option but the only option we have to "save" our house. Everyone wants this and that of my equity. Finally - my question - ????????????? IS THERE ANY WAY TO KEEP MY NAME ON TITLE IF I CAN FIND AN INVESTOR/LENDER? OR AM I JUST STUCK WITH A LEASE PURCHASE AND MUST GIVE UP MY HOME OWNERSHIP AND EQUITY UNTIL I CAN REFINANCE????????? **the ability to pay off home is contiguent upon judge allow the house to be dismissed from the court with a pay off which with the cash out we will be able to eliminate the other debt and not have to continue with Chapter 13. Thanks in advance. Sorry for the long message. Just Hopeful That I Don't Have To Move and Keep My Home!!!

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Asked 03/24/2007 05:25 pm CT (New Bedford, MA)

Can you make an offer on a house before your mortgage is preapproved? If mortgage is not preapproved are you legally obligated to stand by the offer.

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Hi Anne, Yes you can make and offer before you have a pre approval. I want to take a second to exp...

[ Total Answers: 1 ]

 
 

Asked 03/24/2007 04:03 pm CT (taft, CA)

I lost my job this year though I found a new one it is a large cut in pay. We have a first and second interest only mortgage and we are no longer able to pay all the bills. We owe about 80,000 more than what its worth... If we just walk away the first should be able to recoup most of its value but what happens to the second can they sue us. I really don't want to file bankruptcy but I cant afford to keep the house. We had it listed 6 months and our only offer wouldn't come close to paying it off

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Jeff is right. I would suggest that you contact both lenders regarding your situation and ask for th...

[ Total Answers: 2 ]

 
 

Asked 03/24/2007 09:01 am CT (Cary, NC)

My husband and I are separating, and I want to purchase the property that we now own jointly. In essence, I would like to buy him out by taking a home loan to pay off the existing mortgage plus enough to cover his share of the equity in the house. Would this be considered a refinance in my name only, or is it an actual purchase where I have to come up with a down payment, etc. I'm just graduating from medical school this May with a firm job offer, but my personal savings after 10 years of school don't amount to much. Thank you.

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Hi Jananne, Ryan is correct in that you would not be required to make a downpayment. However, th...

[ Total Answers: 3 ]

 
 

Asked 03/22/2007 02:24 pm CT (Irvine, CA)

When we bought our house my wife did not appear in any of the documents of the house (loan or title) our divorce is final and she is now buying a condo while the house we bought will go in foreclosure is there a way that the foreclosure people can some after her condo to pay whatever diff. exist in the LVT of the house since it has depreciated 60K

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Louis, unfortunately not. She was not responsible for that loan. There may be help for you if ther...

[ Total Answers: 2 ]

 
 

Asked 03/22/2007 02:14 pm CT (providence, RI)

My friend purchased a house in his name and then had my name quick-deeded to the property. I have no responsibility for the mortgage as the rents cover that cost. Is he able to sell the house without my agreement?

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Carmen, you both are on title, therefore you both have to sign when selling or obtaining a loan usin...

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Asked 03/22/2007 12:52 pm CT (Baltimore, MD)

My mother and I want to purchase a new home together.My mother has a house that she will be selling soon.We are fixing it up as I type.The house she is selling will go for 147,000.We want to puschase a new house for 268.000. She will put 100.000. down on the new home that we purchase.But..my credit is bad.But when she sell the new house she is going to completly pay off all of my bad credit debts.I was wondering how long will I have to wait before all my credit is clear and we can purchase are new home.

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Karin, the answer to your question of how long you will have to wait depends upon what is on your cr...

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Asked 03/22/2007 12:15 pm CT (yarnell, AZ)

My wife and I are getting divorced, we own 2 houses, she getting 1 house and I the other. We are both on title and loan for both houses. Can we be removed from the loan on the others homes somehow?

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Larry, usually not, depending upon who the lender is and what type of loan you have. However, in ou...

[ Total Answers: 2 ]

 
 

Asked 03/22/2007 09:46 am CT (Roseville, MI)

My husband is recently deceased. He had no estate. Two years before he died he refinanced the house. I did not want to refinance. He refinance in his name. My name is not on the mortgage note. I did sign an insurance rider. I am not exactly sure what that was. I could not make the house payments so I let the house go into foreclosure. I had just received a hardship discharge for Chapter 13 and I was not old enough for wiows benefits. I decided that foreclosure was my only option. I will be moving in about six weeks. The mortgage company is demanding that I purchase a years worth of hazard insurance on the home or they will purchase it themselves. My redemption period is up June 13th. I really can't afford this purchase of insurance. Am I responsble for the insurance just because my name is on the deed? They are getting he house and I can't really pay for 1/3 of a years payment towards property insurance as I am trying to get money together to move somewhere else. I don't know what to do because they are sayin that if they buy insurance it will be 1,700. 00 with premiums of 225.00. Can they really charge that to me or do they charge it to the estate when there isn't an estate? Thanks so much, in your attempts to help me....Sandy

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The Morgage instrument requires the mortgagee to keep insurance on the property. You are not the mo...

[ Total Answers: 1 ]

 
 

Asked 03/22/2007 05:53 am CT (Prudenville, MI)

Can a mortgage company take away your house if you loose your job and you are 3 payments behind, but have a payment agreement set up. But I refuse to do post dated checks and that is what they always want? thanks you

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Michelle, there is no such thing as post dated checks. The date on the check is merely a reference ...

[ Total Answers: 2 ]



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